Correlation Between Sino Land and INTUITIVE SURGICAL
Can any of the company-specific risk be diversified away by investing in both Sino Land and INTUITIVE SURGICAL at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Sino Land and INTUITIVE SURGICAL into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Sino Land and INTUITIVE SURGICAL, you can compare the effects of market volatilities on Sino Land and INTUITIVE SURGICAL and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Sino Land with a short position of INTUITIVE SURGICAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sino Land and INTUITIVE SURGICAL.
Diversification Opportunities for Sino Land and INTUITIVE SURGICAL
-0.5 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Sino and INTUITIVE is -0.5. Overlapping area represents the amount of risk that can be diversified away by holding Sino Land and INTUITIVE SURGICAL in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on INTUITIVE SURGICAL and Sino Land is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Sino Land are associated (or correlated) with INTUITIVE SURGICAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of INTUITIVE SURGICAL has no effect on the direction of Sino Land i.e., Sino Land and INTUITIVE SURGICAL go up and down completely randomly.
Pair Corralation between Sino Land and INTUITIVE SURGICAL
Assuming the 90 days horizon Sino Land is expected to generate 2.47 times more return on investment than INTUITIVE SURGICAL. However, Sino Land is 2.47 times more volatile than INTUITIVE SURGICAL. It trades about 0.07 of its potential returns per unit of risk. INTUITIVE SURGICAL is currently generating about 0.11 per unit of risk. If you would invest 30.00 in Sino Land on November 19, 2024 and sell it today you would earn a total of 64.00 from holding Sino Land or generate 213.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sino Land vs. INTUITIVE SURGICAL
Performance |
| Timeline |
| Sino Land |
| INTUITIVE SURGICAL |
Sino Land and INTUITIVE SURGICAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sino Land and INTUITIVE SURGICAL
The main advantage of trading using opposite Sino Land and INTUITIVE SURGICAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sino Land position performs unexpectedly, INTUITIVE SURGICAL can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in INTUITIVE SURGICAL will offset losses from the drop in INTUITIVE SURGICAL's long position.| Sino Land vs. BIOPHARMA CREDIT DL | Sino Land vs. GWILLI FOOD | Sino Land vs. Commonwealth Bank of | Sino Land vs. CHIBA BANK |
| INTUITIVE SURGICAL vs. Jupiter Fund Management | INTUITIVE SURGICAL vs. AGF Management Limited | INTUITIVE SURGICAL vs. Sims Metal Management | INTUITIVE SURGICAL vs. Brockhaus Capital Management |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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